September WASDE projects slightly higher corn production with soybean output down

HOUSTON (ICIS)–The US Department of Agriculture (USDA) has lifted the expectations for corn production slightly while soybean production is being projected to be down marginally according to the September World Agricultural Supply and Demand Estimates (WASDE) report.

For corn the monthly update is showing an outlook of increased production but for smaller supplies and a modest decline in ending stocks.

Corn production is being forecasted at 15.2 billion bushels, which is an increase of 39 million bushels from last month and is based on a 0.5-bushel increase in yield, which is calculated at 183.6 bushels/acre.

The September WASDE said the harvested area is unchanged at 82.7 million acres.

Projected beginning stocks for 2024-2025 are reduced by 55 million bushels based on increases in exports and corn used for ethanol during the period of 2023-2024.

Total corn use is unchanged at 15 billion bushels.

With supply falling and use unchanged, the USDA said ending stocks are reduced by 16 million bushels to stand at 2.1 billion bushels.

The September WASDE said the season-average corn price received by producers is lowered by 10 cents to $4.10/bushel.

For soybeans, the USDA said supply and use changes include lower production and beginning stocks as well as ending stocks.

Without attributing a cause for the dip, the monthly update shows that soybean production is projected down by 3 million bushels for a total estimate of 4.6 billion bushels.

The agency said lower beginning stocks reflect a slight increase to crush for 2023-2024.

With the 2024-2025 soybean crush and exports unchanged, the September WASDE is projecting ending stocks at 550 million bushels, down 10 million bushels from last month.

The season-average soybean price is forecast as unchanged at $10.80/bushel.

The next WASDE report will be released on 11 October.